Thursday, October 2, 2014

Indians Join Wave of Foreign Investors in Condos and Homes in the U.S.

Arun Kumar owns three apartments in New Delhi, where he has carved out a comfortable life as part of India's rapidly expanding middle class. Not long ago, he also became a global landlord, picking up an inexpensive three-bedroom house and a duplex nearly 8,000 miles away, in St. Louis.

For Kumar and other affluent Indians, U.S. real estate is a security blanket. Faced with what some have considered a bubble in real estate prices in major Indian cities and a sometimes jittery Bombay Stock Exchange, they are joining a wave of buyers from other countries who see the recovering U.S. housing market as one of the best places to put their money these days.

The wealthy elite from China, Latin America and elsewhere have bought pieds-a-terre in glassy towers in Manhattan, luxury condos in Miami and homes along the West Coast. Law enforcement investigations have found that some foreign investors are using U.S. real estate holdings, at least in part, to hide cash and other assets from authorities in their home country.

But many less-than-superrich foreign investors just want a safe place to put extra savings, and their investments tend to be much less grandiose than the trophy properties that have drawn most of the attention. And for Indians in particular, who long trusted in gold to protect their wealth, U.S. real estate offers a "very, very attractive destination," said Subir Gokarn, director of research at Brookings India in New Delhi.

Jed Kolko, chief economist at Trulia, an online marketplace for residential real estate, said the most popular property searches for people from India were in and around Silicon Valley, where technology firms heavily recruit from India; in the Boston and Philadelphia areas near universities that have numerous students from India; and in suburban areas of New Jersey and in Queens, where there are established Indian-American communities.

In an echo of the late 1980s, foreign investment in U.S. real estate has taken off again. A survey from the National Association of Realtors estimates that from April 2013 to March of this year, total sales to international clients were about $92.2 billion, a 35 percent increase over the previous 12 months. The figure includes purchases by recent immigrants.

Foreign buyers now make up 7 percent of total existing-home sales of $1.2 trillion, according to the survey. Of those, Indians represent 6 percent of the purchases, spending $5.8 billion, up from $3.9 billion over the same period a year ago and on par with buyers from Britain.

Canadians have long bought U.S. property and still do so in big numbers, with purchases centered for the most part in Arizona, Florida and more recently in Las Vegas. Canada still accounts for the largest share of buyers, but China is the fastest-growing source of clients, according to the Realtors' group.

And Chinese buyers are bigger spenders. Their real estate purchases in the United States nearly doubled from last April to last March, increasing to $22 billion from the previous period. They accounted for nearly a quarter of all international sales in the current period.

"Most people who can come here, they are pretty wealthy," said Grace Tian, a broker with Realty Mark Associates in Philadelphia who often works with Chinese clients.

In contrast, buyers from India are a more eclectic group. These include parents living in India who buy apartments for students attending college, making sure the units have concierge service and an extra bedroom so they can visit for extended periods, several real estate agents said. After the students leave college, the parents often keep the apartment and rent it out.

"It's a good investment in their eyes, and it can be a better deal instead of them paying dorm costs or renting somewhere else," said Michael DiMella, a managing partner with the Charlesgate Realty Group in Boston whose Indian clients have bought near Northeastern University.

Irene Barnaby, a broker with Weichert Realtors in Jersey City, said her Indian clients generally spent about $600,000 to $800,000 on condos. Some buyers pay cash because traditional banks won't give them mortgages without a credit history in the United States. But she has also created relationships with smaller banks that will lend money to her clientele.

"They can get exactly what they want in this area," Barnaby said.

Padmanabhan Palani, president of the condo association board at the 443-unit James Monroe tower, said the area is comfortable for many people just arriving from India or elsewhere in Asia because it resembles the high-rise districts of Mumbai and Hong Kong. Plus, he said, his building is close to the train station.

"In a snowstorm, 100 meters is very important in how far you walk," said Palani, who came to the United States 12 years ago on a work visa for a technology job and is now a permanent resident.

Some U.S.-based brokers are capitalizing on the growing interest from Indians.

Myron Von Raesfeld, a real estate agent in the heart of Silicon Valley, said his firm started working with technology companies in 1999 to offer seminars teaching immigrants with H-1B work visas the intricacies of the U.S. real estate market.

He now offers the seminar at 80 companies, in part to keep ahead of the competition. "Realtors are becoming very astute at this foreign wave," he said.

Indian real estate agents are also getting in on the action. Vikram Somani, owner of Property Hunters in Mumbai, has turned to the U.S. market, noting that title insurance is available and the buying process is far more organized.

Rohit Prakash, president of American Full House in Austin, Texas, is recruiting brokers like Somani to round up Indian clients. His firm, created four years ago, arranges limited liability partnerships helping his clients overcome tax issues and red tape that otherwise would apply to foreign investors.

"There's a sexiness to say I own property in the U.S., a little bit of bragging rights," Prakash said. "But for them to know how to go about how to do this, they were clueless."

One of his clients is Kumar, who bought his St. Louis properties sight unseen, spending about $100,000 for a three-bedroom single-family home and a two-unit house.

So far the investment hasn't been as good as Kumar had hoped. One of the units sat empty for longer than expected, and a roof had a problem that needed to be fixed.

"I'm hopeful this year it will be better," said Kumar, who is considering buying property in Silicon Valley in the future. "In any case, I was looking at investment in the USA for the long term."

CHALAKUZHY PALLI

CHALAKUZHY MADOM

THEKKE PUTHEN CHURCH

To the Greater Glory of GOD ,The Thekke Puthen Church ,( called The St Mulk Thekke Puthen "Palli" ) dedicated to the Syrian Saint YOUHANAN MULK was built by the members of the CHALAKUZHY family led by the late Chalakuzhy Mammen Paulose . The Church is situated opposite the residence of the late Chalakuzhy Mammen Paulose at Kavumbhagom at Thiruvalla in Pathanamthitta District of Kerala State in Southern India.

This church was handed over to the Malankara Orthodox Church of India by the Chalakuzhy Family. The Church is now an independent Parish within the Niranam Diocese of the Malankara Orthodox Church owing alleigance to the Catholicose of the East and the Malankara Metropolitan. The members of this church were originally part of the Paliakkara Church parish .This Church was constructed during the period when the Paliakkara church was shut due to the legal battle between the Protestant Reformists led by Kovoor Iype Thoma Cathanar, and the Orthodox faction. The Indian Orthodox Church (also known as the Malankara Orthodox Church, Orthodox Church of the East, Malankara Orthodox Syrian Church, Orthodox Syrian Church of the East), is a prominent member of the Oriental Orthodox Church family in Christianity, founded by St. ... This article describes different viewpoints about the history and tradition associated with the ecclesiastical position called Catholicos of the East, a title used by Eastern and Oriental Orthodox Churches to denote the head of a Church or a dignitary of the highest order. ... BACKGROUND The members of Paliakkara church before its foundation was generally of Niranam St. ...

This Church is unique and notable in the fact that it is arguably the only church under the Malankara Orthodox Church of India that is dedicated to a saint of SYRIAN ORIGIN----SAINT YOUHANAN MULK.

ABHILASH PAULOSE CHALAKUZHY

The year was 52 AD and the place was a small village in the northern part of Kerala named Palayur. Those days Palayur was a traditional bastion of conservative Hindus. A small group of Jews lived nearby in a hilly place and they had a synagogue there.One morning four Brahmin Hindu priests were conducting their ritualistic sun worship in the temple pond. They were from the four well known families of the area, Kadappu, Kalikavu (Kaliyankal), Shankuthiri, and Pakalomittom.They were standing half immersed in water and sprinkling water upwards chanting Vedic mantras to the sun god.Suddenly a Jewish ascetic came and stopped near where they were worshipping.

He was a visitor to the nearby synagogue and came from Jerusalem recently. The local Jews accompanied him.The visitor asked though his interpreter, what was going on. After getting their explanation he commented that it seemed the sun god was not accepting their offering, because the water fell back to the pond when they threw it up as an offering.The Hindu priests asked what could happen differently. Then the visiting Jewish holy man told them that he could throw the water as a supplication to the living God who is the creator of sun and all the other celestial stars, and his God would accept it.As the priests gave permission, he got down to the pond and worshipped God in the name of Father, Son, and Holy Spirit, and then threw the water up in to the air, and to all present it seemed the water drops remained suspended in the air.The visitor explained to the Hindu priests that he was Thomas, one of the Disciples of Christ. He further told them that Jesus was the incarnation of God, the father.The convinced priests accepted baptism from the hands of the Apostle.

My grandfather had told me that our family is the direct descendents of the second Brahmin priest in the above story, the Kalikavu.There are thousands of other Christian families in Kerala claiming to be the descendents of each of these four Brahmins. According to this tradition, Christianity came to Kerala before it reached Europe or even Rome.In the 4th century, these families moved to another village, 200 miles south of Palayur to a village called Kuravilagad. St. Thomas hadordained some priests from these families. In the following years due to lack of scriptural books and the absence of connection to an Apostolic See, these groups of Christians went through a difficult period.In 354 AD, a bishop Mar Joseph and 72 other Christian families under the leadership of a merchant named Thomas of Cana emigrated to Kerala from Mesopotamia and Jerusalem.

Thomas of Cana ( where Jesus turned water into wine) was said to be a blood relative of Jesus. This immigration was a great revitalization for the local Christians. These 72 families were Jewish Christians, and their descendents to this day live in Kerala. They keep a separate identity from all other communities in Kerala. They are known as Kanaya Christians and are fiercely ethnic and practice endogamy.Christians of Kerala converted by St. Thomas accepted the Syriac (Aramaic) liturgy from this newly arrived group and apostolic benediction from the Patriarch of Antioch.

Hence, the St. Thomas Christians of Kerala are also known as Syrian Christians of Kerala. Syriac- Aramaic was the language spoken at the time of Jesus Christ in Palestine and it was also the lingua franca for communication among many nations of the East. Even today Syrian Christians use this language in parts of their liturgy.In ancient manuscripts the Christian community in Kerala is sometimes referred to as Nazaranis, meaning the followers of Jesus who was from Nazareth. Foreign travelers have also called them, Malabar Christians, as the coastal region of Kerala is called Malabar. Malankara is another name for the coast.

How reliable is St. Thomas tradition, and the story of conversion of my ancestors?The tradition is that the apostle first landed in Kodungalore on the west coast of Kerala in 52 AD. His first followers were some of the local Jews and then a few of the indigenous people. He traveled south establishing 7 churches in Kerala. He continued his missionary journey to Malacca and China. He returned to India and was martyred in 72 A.D in Madras where his tomb still remains.Many historians think that the ancient Jews of Kerala were the descendents of Jews taken in captivity by King Nebuchadnezzar of Babylon.

Later when Cyrus, the king of Persia conquered Babylon he released the Jews, and some of them came to Kerala in 585 BC. There is enough evidence of a large Jewish colony in Kerala in the 1st century AD and there existed a continuous flow of trade between the Middle East and Kerala making the journey of the Apostle possible. Some of the early Christian converts of Kerala were probably from this Jewish community.The visit of St. Thomas to India is mentioned by many early church historians and also in the apocryphal book ' Acts of St. Thomas ' written by the Syrian Bardisan. (152-220 AD). Pantaenus, the governor of the school of faithful of Alexandria visited these Christians in 185 AD and left some references in his writings.Also, the presence of the Kanaya Christian community whose records indicate that their ancestors met St. Thomas Christians when they came to Kerala's shores in 345 AD is another strong evidence.In 552 AD, Cosmas Indicopleustus visited Kerala's coast and wrote about the presence of a Christian community there.In 1292, the famous Venetian traveler Marco Polo made the following interesting observation after a visit to the St. Thomas tomb in Madras." The Christians come here on pilgrimages from many places and gather some of the soil from this place where the Saint was killed, and this soil they take away with them to their countries.

Now, if anyone falls ill of a tertian ague, or any other fever of anykind, they give him a portion made of this soil. As soon as the sick man drinks it, he is well again." Marco Polo further attests that he himself took some of this soil to Venice and cured many people. (Travels of Marco Polo by L.F. Benedetto translated by Aldo Ricci).Though this treatment is not available at present at the St. Thomas' tomb, it is a revered center of pilgrimage and still annually attracts thousands from all around the world.In the same year 1292, the Italian missionary priest John of Monte Corvino, who was a special representative of Pope Nicholas IV visited Kerala Christians on his way to China and stayed with them for 6 months. He writes that he was quite surprised because these Christians had never heard about the Pope. Their allegiance was to the church of Persia and Antioch.Two ancient inscribed copper plates in the possession of Kerala Christians and another copy of a copper plate kept in Cambridge museum in England are further proof of the antiquity of this community.

Let me continue the story of my ancestors. converted by St. Thomas in the Palayur village ,and later moved to the village of Kuravilagad in the 4th century.In Kuravilagad, they built a church with the assistance from the local ruler in 350 AD. Bishop Joseph who came with the Kana immigrants in 345 AD consecrated this church dedicated to St. Mary.My Christian ancestors lived in Kuravilagad and the surrounding areas for another millennium as farmers, merchants, and professionals, and they were well-respected members of the society.(It is about them, Gibbon wrote in his ' Decline and fall of Roman Empire ' " In arms, in arts, and possibly in virtue, they excelled the natives of Hindustan.

Their husbandmen cultivated the palm trees, the merchants were enriched by pepper trade, and their soldiers preceded the other nobles of Malabar.")In 1498, when Portuguese merchants under the leadership of the great explorer Vasco Da Gamma came to Kerala, they were happy to see an indigenous group of Christians. But they soon realized that though these people were Christians, they were different from the Portuguese Christians. Portuguese were western Christians of the Latin rite who followed Pope of Rome.This was the period of inquisition in the Catholic Church and the Portuguese were very intolerant to other rites. Many local Christians became unhappy the way the Portuguese treated them, and many moved to the southern parts of Kerala, to be away from them. Kuravilagad was under the Northern kingdom, which was a protectorate of the Portuguese.The Portuguese bishop of Goa, Dom Menezes came to Kerala in 1599 and from June 20- 24, he called for a meeting of the Kerala Christians. 153 local priests and 660 lay representatives attended these meetings and they were forced to accept the supremacy of the Latin Church.

This is the infamous Synod of Diapore in the church history. Syrian Christians were forced to accept the hegemony of the Roman Church with the threat from the Portuguese soldiers and the power of the local king. Menezes visited many Kerala churches and burned much of the valuable ancient prayer books and other manuscripts because he considered them heresies.But as Portuguese were soon defeated by the Dutch in the Kerala coast, the local Christians who were waiting for an opportunity ,revolted against the Portuguese and the Latin domination of their church. The immediate provocation was when the Portuguese arrested a Syrian bishop Ahatulla from the holy land on his way to Kerala and took him to Goa as a prisoner. Somehow a rumor spread that the Portuguese drowned their bishop in the sea.On Friday, January 3, 1653, nearly 20,000 local Christians assembled in Mattachery, a port city near Cochin. They tied a long rope around a stone cross and touching the rope in a large human chain they took an oath that they or their children would never accept Portuguese or Latin hegemony over their church. This event is known in history as the Oath of Coonan Cross (leaning cross.) The people unanimously elected their Archdeacon Thomas of the Pakalomittom family as their bishop.

Later he was ordained by the visiting Mar Gregoriose, the bishop of Jerusalem under the Syrian (Jacobite) Patriarch of Antioch. At that time there were about 200,000 Christians in Kerala, and only 400 sided with the Portuguese.Soon Rome reviewed the situation more closely and started a conciliatory approach towards Syrian Christians. The Pope decreed that those who wanted could continue to practice the Syrian rite and liturgy. The Pope also sent an Italian bishop to Kerala and ordained a cousin of Arch Deacon Thomas from the Pakalomittom family as the first native Catholic bishop of Kerala.His name was Parampil Chandy Metran, or Bishop Alexander DeCampo as western historians refer to him. This caused a large number of rebelling Kerala Syrian Christians to return to the Roman Catholic Church.

So for the first time there were two divisions with in the Syrian Christians of Kerala, one group following Rome, the Syro-Malabar Catholic Church and the other following the Jacobite Syrian Orthodox Patriarch of Antioch.There were several confrontations between these two groups at that time. In one of those episodes in 1666 when a Portuguese bishop tried to enter the KuravalagadChurch, it unfortunately turned violent. The local ruler supported the Roman Catholic faction. The members of the original 4 Christian families were divided between these two factions. The faction that was rebelling against the papal group left Kuravilagad and moved further south to the southern kingdom, the Thekencore.

Thomas alias Oommen was my ancestor on the paternal side who lived 10 generations before me. He lived during this most turbulent period in the history of our community in Kerala. He strongly objected the Portuguese hegemony and the Latinisation of the IndianChurch and he participated in Coonan Cross Oath of 1653. When the majority in his parish church, its vicar, and many of his relatives took pro- Papal position, Oommen Thomas was not prepared to compromise on his principles. If he had taken a position supporting the Portuguese and the Latin missionaries as many of his family members did, he could have avoided many of the financial and physical dangers.

He even dared to take a position against the powerful local king. Finally when he found that he couldn't be true to the faith and traditions of his fathers if he obliged to the Portuguese power, he left Kuravilagad with a brother and a sister and came to Changanacherry, a town in central Kerala. It was only a distance of 60 miles, but this short distance of travel changed the destiny for his descendents.In Chaganachery Oommen lived in a house near the present municipal court given to him by the Raja of Theckencore. Oommen's brother became a priest and served the church in Chaganachery. At that time the churches in Chaganachery and Allepey Thathanpalli were branch churches (kurushupally) of Niranam church. Later these two churches joined Roman Catholicism.Oommen had two sons, Kuruvilla and Mathen. The second son, Mathen moved to Thiruvella and became the founding father of the Chalakuzhy family. He later died in a smallpox epidemic.

There are many versions about the origins of the family name " CHALAKUZHY ". The most likely versions are : The word " CHAAL " in Malayalam refers to " a water channel " used for irrigation and the word " KUZHY " refers to " a low lying piece of land. " The first home of our ancestors may have been on a low lying piece of land which had an irrigation channel passing through it. The name may also have its origins in the words " CHALAI " which means " MARKET " in the old Malayalam vernacular. Our ancestors may have accquired a low lying plot of land which was at that time used as a market place and hence they may have been referred to as the family that lived in the CHALAI-KUZHY. These are , of course , stories , based on conjencture and there is no hard evidence to prove either version.

Mr Abhilash Paulose Chalakuzhy grandson of Late C P Ninan the nephew of Chalakuzhy Paulose Mathen and His Grace the Most Rev Dr Abraham Mar Thoma Metropolitan which has its roots at Chalakuzhy Madom in Thiruvalla town in Kerala.

Chalakuzhy Paulose Mathen (1890-1960) Pioneer Banker and founder of the Quilon Bank Ltd which merged to form TNQ Bank Ltd [co-owned by K. C. Mammen Mappillai(Owner Malayala Manorama,MRF)], Member of Parliament from Mavelikara Constituency to the first Lok Sabha(1952), ,Indian Ambassador to the Sudan -1957 and a close friend of Pandit Jawaharlal Nehru.His grand daughter Mariam Ram is married to N Ram(Chairman and Managing Director of "The Hindu" (Indian Newspaper)) and is the Managing Director of TnQ Books and Journals named after TnQ Bank.

Abraham MarThoma was known all over India for his burning passion for evangelism, for his zeal for spreading the Gospel through the length and breadth of India. He received theological training in India and Canada. It was during this time that the MarThomaChurch became well known in the Western World.He was consecrated Bishop in the year 1917 and he worked relentlessly as Suffragan Metropolitan for the spiritual strengthening of the Church and for its witness. He was installed Metropolitan in 1944 when Titus II Metropolitan passed away.He was born in an illustrious Orthodox family but his father passed away when he was very young and he was brought up in his mother’s house at Eraviperoor, a home which cherished the blessings of the reformation. Thus from his early days he was inspired by evangelistic activities.He was president of the Mar Thoma Evangelistic Association and the National Missioanry Society. Even though he was suffering from acute diabetes for many years, he went on working with the motto: “it is far better to burn out than to rust out”. The Abraham Mar Thoma Bible institute established for the training of voluntary evangelists in the Church was named after him. He was called to eternal home in 1947.